Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Welcome back to the Alt Goes Mainstream podcast. Today’s podcast is a special show with 3i Members co-founder Mark Gerson. Alt Goes Mainstream’s first sponsor is 3i Members, an investing network built on community, collaboration and capital that was co-founded by Mark Gerson, Billy Libby, and Teddy Gold. 3i Members is a global deal network for accomplished private investors. Members uncover, share, and diligence high-quality investment opportunities in private markets. The network offers more than just investment opportunities, providing access to expert databases, legal services, international events and retreats, masterclasses, asset allocation workshops, and other resources. Mark is a serial entrepreneur who has built a number of communities that have revolved around some form of crowdsourcing. In addition to founding 3i Members, Mark founded Gerson Lehman Group, a knowledge brokerage and primary research firm, that figured out how to use the power of community to serve its customers. He also founded United Hatzalah, a crowd-sourced system of volunteer first response that enables Israelis to be treated within the moments separating life from death following any medical trauma. He also co-founded and is the Chairman of African Mission Healthcare, which enables Christian medical missionaries to provide clinical care, training, and medical infrastructure for people throughout Africa. From co-founding United Hatzalah of Israel to building a unique community in the private markets space with 3i Members, Mark shares his experiences and the profound impact of community and crowdsourcing in both philanthropy and private markets. The episode dives into the intricacies of building capable, engaged communities, the conceptual differences between a network and a community, and the unique approach of 3i Members in creating a collaborative investing landscape. We discussed: Thanks Mark for coming on the show to share your stories and wisdom. Chapters 00:00 Welcome to the Mainstream: The Alt Goes Mainstream Podcast Intro 00:42 Introducing 3i Members: A New Era of Investing 01:11 Mark Gerson's Journey: Building Communities and Crowdsourcing Success 02:59 The Power of Community in Crowdsourced First Response 07:59 3i Members: Crowdsourcing in the Investment World 09:44 The Art of Building and Maintaining Quality Networks 12:02 The Philosophy of No-Selling in Building Trust and Community 14:59 Engineering Serendipity: Fostering Organic Growth and Engagement 19:59 Investment Strategies and Learning from the 3i Community 24:40 The Future of Investing with 3i Members 34:51 ROI in Philanthropy: A New Approach to Giving 40:09 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast. Today’s podcast provided us with an in-depth tour of financial markets with a student of both finance and history. And what a tour guide we had. Marc Rubinstein, an investment professional with 25 years of experience researching and investing in financial services joined us on the show. Marc started his career as an equity research analyst, where he ultimately became a MD at Credit Suisse, leading the European banking sector equity research group before joining Lansdowne Partners. Lansdowne was one of Europe’s largest hedge funds, where he was a Partner and managed the award-winning $4B global long/short financials equity fund. He retired from Lansdowne in 2016 and, after going back to school to obtain his MBA from LBS, he launched Net Interest, a wildly popular and incredibly thoughtful newsletter on financial sector themes. I find Marc’s thoughts and views on Net Interest equal parts insightful and digestible. Marc is also an active value investor and early-stage fintech investor, where he was an early investor in Revolut. He’s also a contributor to Bloomberg Opinion. Marc and I had a fascinating conversation about a number of themes that are defining private markets. We discussed: Thanks Marc for coming on the Alt Goes Mainstream podcast to share your wisdom on financial services and financial markets. Chapters Introduction and Background Getting into the World of Finance Banks Today and the Rise of Alternative Asset Managers Regulatory Concerns and Private Credit Systemic Risk and Excessive Growth Identifying Risks in Private Credit Scale and Returns in Asset Management The Growth of Large Platforms in Private Markets The Equilibrium of Scale and Returns The Convergence of Traditional and Alternative Asset Management The Trend of Evergreen Funds in Private Markets The Acquisition of GIP by BlackRock The Competition Between BlackRock and Blackstone The Merging of Traditional and Alternative Asset Management The Future of Active Management Lessons from the Financial Crisis The Impact of Media on Financial Services The Trend of Permanent Capital in Private Markets The Evolution of Media in Financial Services The Role of Content in Financial Services The Importance of Understanding Financial Services History The Relevance of Deep Analysis in Financial Services Value Creation through Content Different Paths for Content Businesses Purity of Content in Financial Services The Future of Content in Financial Services The Impact of AI on Investment Recommendations The Value of Artisanal Work and Intelligence Pod Shops in Private Markets GP Stakes as an Analogy to Pod Shops The Psychology of Discounting Private Markets The Growth and Sustainability of Private Markets Infrastructure as an Interesting Alternative Investment

Welcome back to the Alt Goes Mainstream podcast. Today’s episode features an enabler of the micro VC movement who has now scaled his business into one of the industry’s larger fund administrators. Braughm Ricke is the Founder and CEO of Aduro Advisors, a leading fund administrator that has carved out a sterling reputation in the VC world. He's grown the business to over $114B+ AUA and over 450+ customers, that counts many of the leading VC funds, including Lowercarbon, Cowboy Ventures, Ahoy Capital, Craft, Haystack, Boost VC, and others, as customers. They've also managed to combine a high-quality service with innovative technology and a partnership strategy that has enabled them to differentiate from other fund admins. Prior to founding Aduro, Braughm was the founding CFO of True Ventures, a leading Silicon Valley VC fund. Braughm is incredibly knowledgeable about the private markets space more generally and is also an active investor in the private markets startup ecosystem, investing early in the likes of Carta, Allocate, Passthrough, Arch, and others. Braughm and I had a fascinating conversation about the evolution of fund administration. We discussed: Thanks Braughm for coming on the Alt Goes Mainstream podcast to share your wisdom on building a core infrastructure provider for private markets.

Welcome to the 9th episode of a collaboration between iCapital x Alt Goes Mainstream. Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets. In today’s episode, Lawrence and I welcome a special guest. Arax Investment Partners CEO Haig Ariyan, a wealth management industry veteran, joins us to discuss the evolution of wealth management and the role that alts can and should play in wealth client portfolios. Together with RedBird Capital, an $8.6 billion AUM private equity firm focused on financial services and sports and media, Haig and Arax are partnering with wealth and asset management firms and teams to build a differentiated platform that takes lessons learned and deep experience from Haig's background running wealth management businesses. Following its recent acquisition of $9B AUM U.S. Capital Wealth Advisors, Arax now has over $16.5B in AUM and $13B in regulatory AUM. On this episode, Lawrence, Haig, and I had a fascinating and lively discussion. We covered a number of topics, including: Thanks Lawrence and Haig for a great episode … looking forward to next month’s conversation!

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a fintech founder who has scaled one of the larger private markets investing platforms for individual investors. Michael Weisz is the Founder and CEO of Yieldstreet, a leading private markets investing platform, with more than 450K members and $3.9B invested (as of October 2023). An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with the ambition to provide individual investors with access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios. Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management. Michael and I had a fascinating conversation about the evolution of private markets and how to deliver investment opportunities directly to consumers. We discussed the business evolution of Yieldstreet, how they work with both individuals and advisors, and what he thinks is important when it comes to providing investors with access to private markets. Thanks Michael for coming on the Alt Goes Mainstream podcast to share your thoughtful views on private markets.

Welcome back to the Alt Goes Mainstream podcast. Today’s episode with an internet legend provides an illuminating window into how the past can help inform us about the future. Steve Case is a pioneer and a visionary. He built one of the foundational companies of the internet, AOL, that brought America and the world online. As one of America’s best-known and most accomplished entrepreneurs, Steve has spent the past 39 years building, investing in, and shaping business policy for many industry-defining companies. His entrepreneurial career began in 1985 when he co-founded America Online. Under Steve’s leadership, AOL became the world’s largest and most valuable internet company. AOL was the first internet company to go public, and one of the best performing stocks of 1990s, delivering 11,616% return to shareholders. At its peak, nearly half of internet users in the U.S. used AOL. Steve has since built another successful company, Revolution, a Washington, D.C.-based investment firm that backs entrepreneurs at every stage of their development. Revolution Growth has invested nearly $1 billion in growth-stage companies including Sweetgreen, Tempus, Tala, DraftKings, and CLEAR. Revolution Ventures has invested in almost 30 companies, including Framebridge and SRS Acquiom. Revolution’s Rise of the Rest Seed Fund has invested in over 200 startups in 100 US cities, building critical ecosystem development for entrepreneurship across the country. Steve’s passion for helping entrepreneurs has extended to the policy world. He was the founding chair of the Startup America Partnership, an effort launched at the White House in 2011 to accelerate high-growth entrepreneurship around the country. He was also the founding co-chair of the National Advisory Council on Innovation & Entrepreneurship, and a member of President Obama’s Council on Jobs and Competitiveness, where he chaired the subcommittee on entrepreneurship. He was also instrumental in passing the JOBS (Jumpstart Our Business Startups) Act and the Investing in Opportunities Act. He’s also the Chairman of the Case Foundation, which he established with his wife, Jean, in 1997 and together in 2010 they joined The Giving Pledge. Steve is also the author of the New York Times bestselling book, “The Third Wave: An Entrepreneur’s Vision of the Future and The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the American Dream,” which has ended up serving as a fantastic blueprint for the next wave of the internet. Steve and I had a fascinating and illuminating conversation, full of lessons learned from building the first wave of the internet that can be applied to building and investing in companies today. We discussed: Thanks Steve for coming on the Alt Goes Mainstream podcast to share your wisdom, lessons learned, and visionary views of the future. It was an honor and a pleasure to have you on the show.

Welcome back to the Alt Goes Mainstream podcast. Today’s episode takes us into the world of technology with an expert in private markets tech. Griff Norville is a Managing Director and Head of Technology Solutions at Hamilton Lane, the $903B AUM (*Inclusive of $120.2B in discretionary assets under management and $782.9B in non-discretionary assets under management, as of December 31, 2023) global alternative asset manager. Griff leads the firm’s tech-enabled analytics, forecasting, and investment diligence platform, Cobalt LPTM and related portfolio reporting services, and co-heads the firm’s Technology Committee. Griff focuses on building proprietary tools and strategically partnering or investing into private markets fintech companies as part of the firm’s efforts to drive digital transformation within the industry. Griff also leverages his background on the investment side to help inform how he thinks about technology transformation within private markets. He previously co-led Hamilton Lane’s research team, where he was responsible for leveraging data to assess market trends and advice clients on investment and portfolio construction strategy. Griff and I had a fascinating conversation about the evolution of private markets technology and why it’s an exciting time for innovation in the space. We discussed: Thanks Griff for coming on the show to share your thoughts and wisdom on how technology is impacting private markets and for the work you’re doing to invest in technology that’s transforming the space.

Welcome back to the Alt Goes Mainstream podcast. Today we have the operator’s view on the show. We bring in someone who rose up the ranks of a private equity-backed software company to be CEO of that company — ECi Software Solutions — that now generates over $500M in revenue and $200M in EBITDA. We welcome Ron Books, now an Operating Partner at Carlyle and the CEO at Net Health, a Carlyle portfolio company. He also sits on a number of boards for Carlyle. He is now the Chairman and is the former CEO of ECi Software Solutions, a leading global provider of cloud-based software for SMEs, which he successful sold to Leonard Green & Partners for a multi-billion dollar exit. Ron started with ECi when it was a startup company and rose in the organization to serve as VP Sales, then COO, and then CEO, a position which he held from 2009 to 2021. While serving as CEO, Ron and his team developed and executed a strategic plan that included overseeing 46 M&A transactions and a successful software license to cloud migration across nearly a dozen platforms. They received investment from — and sold the business to — Insight Partners, Carlyle, Apax Partners, Goldman Sachs, and most recently, Leonard Green & Partners. Under his leadership as CEO, ECi grew from less than $50M in revenue to over $500M and a sale of the company in 2020 at a multi-billion dollar valuation. Ron has all the hallmarks of a successful entrepreneur — energetic yet thoughtful, a tireless work ethic, the ability to connect with customers and employees, and loyalty to both customers and employees. Ron and I had a fascinating conversation about what it takes to build a great company and culture and how to work with private equity given that he’s been on both sides of the table. We discussed: Thanks Ron for coming on the show to share your wisdom and experiences that are an invaluable source of learnings for both founders and investors.

Welcome back to the Alt Goes Mainstream podcast. Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers. We are joined by Sean Connor, President & CEO, Global Private Wealth at Blue Owl Capital, a firm with over $160B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager. Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business. Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, negotiating, and corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars. Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed: Thanks Sean for coming on the Alt Goes Mainstream podcast to share such actionable and thoughtful insights on how firms can work with wealth.

Welcome to the 8th episode of a collaboration between iCapital x Alt Goes Mainstream. Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets. On this episode, Lawrence and I had a fascinating and lively discussion. We covered: Thanks Lawrence for a great episode … looking forward to next month’s conversation!

Welcome back to the Alt Goes Mainstream podcast. Today’s episode takes us inside the mind of a tech titan who is at the forefront of shaping the market structure evolution in private markets. John Stecher is the Chief Technology Officer at Blackstone. He’s responsible for all aspects of technology across the firm and advises the firm’s investment teams as well as acts as a resource to portfolio companies on technology-related matters. John and the team at Blackstone have invested in iCapital, Canoe, 73 Strings, LemonEdge, amongst others. It’s also his background in other areas of technology and consumer financial services that stands out – and provides insights and lessons learned for how to build technology within private markets. Prior to joining Blackstone, John was a Managing Director, the Chief Technology Officer, and the Chief Innovation Officer at Barclays. He was also a member of the Barclays Technology Management Committee. Prior to joining Barclays in 2017, he worked at Goldman Sachs, where he held a variety of senior management and engineering roles across the firm’s capital markets and technology divisions, and most recently built their Marcus-branded consumer finance division. He also worked at IBM, where he was appointed an IBM Master Inventor, where he delivered / created over 45 patents across several diverse problem spaces. John and I had a fascinating conversation about how technology is core to both the business Blackstone is building and the businesses they invest into. We discussed: Thanks John for coming on the Alt Goes Mainstream podcast to share your wisdom and experience of building core technology for capital markets and private markets.

Welcome back to the Alt Goes Mainstream podcast. Today we have an incredible discussion that spans the world of private credit and the growth of women’s sports - and how those two topics intersect in the guest’s daily life. Chris Long founded Palmer Square Capital Management, an approximately $29B+ asset manager focused on corporate and structured credit with offices in Kansas City and London, in June 2009. Currently, he serves as Chairman, CEO, and Portfolio Manager. Since inception, Chris has been successful in building one of the premier credit investment firms in the world that includes clients across institutions, family offices, RIAs, bank / trust, and broker dealers. Prior to starting Palmer Square, Chris built a deep investment background at some of the top financial firms in the world, including Morgan Stanley, TH Lee Putnam Ventures, and JP Morgan. In December 2020, Chris added the title of Professional Sports Team Owner, as he joined Co-Founder and Owner Angie Long and Co-Owner Brittany Mahomes in bringing a National Women’s Soccer League franchise to Kansas City. The KC Current launched on an extraordinary timeline, playing its first professional match just 124 days after the franchise was announced. As owners, Chris, Angie, Brittany, and recent addition to ownership Kansas City Chiefs star Patrick Mahomes, have had a clear vision for not only establishing the best women’s soccer club in the world, but also having the KC Current serve as a model for all of women’s sports, which was no more apparent than with the recent completion of their new stadium, a $124M project that is the first soccer stadium specifically for a women’s professional soccer team. Chris serves on the National Women’s Soccer League’s (NWSL) Board of Governors and Expansion Committee as well as on the Executive Committee of the Kansas City 2026 World Cup Bid. Chris was recently recognized for winning the prestigious Kansas City Sports Commission’s 2022 Sports Executive of the Year and Sports Business Journal’s 2022 Power Players — Women’s Sports. He and his wife Angie were inducted into the 2023 Junior Achievement of Greater Kansas City Business Hall of Fame. Chris and I had a fascinating conversation that spanned the world of credit and sports team ownership and investing — and how those two worlds are coming together. We discussed: Thanks Chris for coming on the show to share invaluable insights into building elite performers in both the world of finance and the world of women’s soccer. Good luck this season with the Current — I’ll be rooting for you, except when you play Angel City FC 😉. This material is for informational purposes and is prepared by Palmer Square Capital Management LLC (“Palmer Square”), is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of date of publication and are subject to change. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by Palmer Square to be reliable and are not guaranteed as to accuracy or completeness. This material may contain ’forward looking’ information that is not purely historical in nature. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Past performance is not indicative of current or future results. This information provided is neither tax nor legal advice and investors should consult with their own advisors before making investment decisions. Investment involves risk including possible loss of principal.

“The room where it happens … No one really knows how the game is played The art of the trade How the sausage gets made We just assume that it happens But no one else is in the room where it happens … When you got skin in the game, you stay in the game But you don’t get a win unless you play in the game.” Welcome back to the Alt Goes Mainstream podcast. These excerpts were in a song by Leslie Odom Jr. and Lin-Manuel Miranda from Hamilton. But they could also be applied to the conversation Laurence Tosi of WestCap and I had today. Today’s show is with someone who has been in the room where it happens. Stories and perspectives shared today were from someone who has helped turn bills into laws in private markets. Laurence Tosi has been part of building foundational technology businesses and companies in capital markets and private markets – from investing in and building Ipreo, iLevel, TMC Bonds, and Tradeweb as an executive at Merrill Lynch where he served as COO of Global Investment Banking and Trading, building Blackstone from 2008-2015 as the CFO, Management & Risk Committee Member, Head of the Tech Innovations Fund, and Blackstone Treasury Solutions Fund, and building and scaling Airbnb as CFO and Head of Payments, Customer Experience, and Corporate Development. At Merrill Lynch and Blackstone, L.T. deployed $500M of capital, returning over $1.6B without taking a loss. He's now building WestCap, a $7.6B growth investing firm that L.T. characterizes as an “operating equity firm” that helps founders and companies scale their businesses at the inflection point in between traditional venture capital and private equity. L.T. and WestCap have leveraged their collective operating knowledge to invest in a number of industry leaders, including two industry defining companies in private markets, iCapital and Addepar. They’ve also invested in the likes of SIMON, which was acquired by iCapital, GoodLeap, Sharegain, Klarna, Paxos, AccessFintech, Treasury4, Hopper, Avenue One, StubHub, and more. L.T. and I had a fascinating conversation that took us to a number of places. We discussed: L.T., thanks so much for coming on the Alt Goes Mainstream podcast to share your wisdom, experience, and deep industry knowledge from being a pioneer in private markets.

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives deep into one of the fastest growing independent wealth platforms in the US — Sanctuary Wealth — and how alternatives is a major ingredient to the growth of their firm and the RIA space more broadly. We have Sanctuary’s MD and Head of Alternative Investments, Patrick McGowan, and Director of Strategic Partnerships, Oksana Poznak, on the show to discuss why they believe alternative investments are a key driver of their growth and why they are so important to the development of advisor’s practices. Patrick and Oksana both bring valuable perspectives on private markets to bear. Patrick was previously a SVP and Head of Product Management at Azimut Alternative Capital Partners, the NY based GP stakes arm of Azimut Group, one of the largest independent wealth management companies in the world. This background gives him a great understanding of the GP stakes world, where he's spent a bunch of time thinking about this in terms of how it relates to the wealth channel. Prior to Azimut, Patrick was part of the Invesco Private Capital team, the $1B PE and VC arm of Invesco, where he focused on their efforts for CalSTRS SMA and a fund of funds that invested in a number of high-performing, generally smaller and emerging managers. He also worked at OC Private Capital, a JV between Carlyle and OppenheimerFunds, the advisor to a $1B close-ended interval fund focused on private credit. Prior to this role, he was a Senior Director at AI Insight, which was acquired by iCapital. He started his career at OppenheimerFunds and then worked at Altegris Investments, which was a pioneer in bringing alts to the wealth channel. Oksana brings over 20 years of experience in business development, marketing, and relationship management to Sanctuary. She was most recently Segment Marketing Director at CAIS, where she promoted alternative investment fund managers. Prior to CAIS, she held senior positions at Atria Wealth Solutions, BNY Mellon Pershing, Ladenburg Thalman, and Advisor Group. We had a fascinating discussion about the intersection of wealth and alts. We discussed: Thanks Patrick and Oksana for coming on the show to share your thoughts and wisdom about the intersection of wealth and alts. We hope you enjoy.

Welcome to the 7th episode of a collaboration between iCapital x Alt Goes Mainstream. Here's the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what's happening in private markets. On this episode, Lawrence and I had a fascinating and lively discussion. We covered: Thanks Lawrence for a great episode … looking forward to next month’s conversation!

A few weeks ago, the tables were turned and I sat down with David Weisburd of the 10X Capital Podcast to talk about the ongoing transformation of private markets. The wealth channel is becoming a centerpiece of the LP universe. Every alternative asset manager either has — or has to have — a strategy for working with the wealth channel in today’s private markets. We discussed: iCapitalThanks David for having me on your show to discuss how private markets are rapidly changing before our eyes.

Welcome back to the Alt Goes Mainstream podcast. On today’s episode, we travel around the world of hospitality investing. We talk with Carlos Rodriguez Jr., the Founder, President, and COO of Driftwood Capital, one of the US’s leading hospitality sponsors with over $3B in hospitality assets under management. They’ve found a way to do both the traditional things in real estate investing and development well and compliment that with an innovative strategy to bring over 1,200 accredited investors on their platform as they find ways to improve how sponsors can access deals and capital. Carlos and I had a fascinating discussion about real estate and private markets. We covered: Thanks Carlos for coming on the show to share your insights and wisdom about hospitality investing. We hope you enjoy.

Welcome back to the Alt Goes Mainstream podcast. On today’s show, we welcome a senior member of the team at the world’s 3rd largest alternatives manager. Tyler Jayroe is a MD and Portfolio Manager in the Private Equity Group at J.P. Morgan Asset Management, which manages over $2.4 trillion of assets on behalf of a diverse group of global institutions and individual investors. Tyler’s team, the Private Equity Group, has a 40 year history of investing across private markets, covering the alternative investment spectrum and investing over $42B of capital. Tyler helps spearhead a team that invests into funds, co-investments, and secondaries across private equity, growth equity, and venture fund strategies. Tyler and I had a fascinating conversation about how an industry behemoth allocates capital across funds and strategies. We discussed: Thanks Tyler for coming on the podcast to share your deep experience in private markets. Hope you enjoy. Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor’s own situation. Risk Summary The following considerations, which summarize some, but not all, of the risks of an investment in the representative strategy, should be carefully evaluated. General Investment Risks There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment. There can be no assurance that projected or targeted returns for the Fund will be achieved. Financial Market Developments Volatile conditions in the capital markets may cause limitations on the ability of companies in which the Portfolio Funds will invest to obtain capital, or subject such companies to higher costs of capital for financing. This lack of available credit could impede upon the ability of such companies to complete investments and higher costs of capital could reduce the returns of the Fund or Portfolio Funds. Changes in interest rates may adversely affect the investments held by the Fund. Changes in the general level of interest rates can affect the value of the Fund’s investments. Interest rates are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund and the companies in which the Portfolio Funds invest. Although it is expected that the Fund’s borrowings, if any, will be short-term in nature, the companies in which the Portfolio Funds invest may finance a significant portion of their activities with both fixed and floating rate debt. By financing the acquisition and development of an investment with floating rate debt, such companies and Portfolio Funds, and indirectly the Fund, will bear the risk...

Welcome back to the Alt Goes Mainstream podcast. On today’s show, we welcome a long-time VC investor who brings the perspective from both sides of the pond. Fred Destin, the founder of Stride VC, a seed fund operating out of London and currently investing out of its second £123M fund, shares his views on the venture capital industry. Prior to Stride, Fred was a General Partner at Accel and Accomplice (fka Atlas Venture). He’s invested in some of venture’s big winners, including Deliveroo, Pillpack, Cazoo, Zoopla, Secret Escapes, Integral Ad Science, and more, generating over $1.4B in value to investors and a blended multiple in excess of 7x. Fred has been featured on the Forbes European Midas List a number of times. Fred and I had a fascinating conversation about the hows and the whys of early-stage venture. We discussed: Thanks Fred for coming on the podcast to share your wisdom on early-stage investing.

Welcome back to the Alt Goes Mainstream podcast. On today’s show, we welcome a veteran of venture, a champion of portfolio concentration, a master of micro VC. Chris Douvos has taken a mosaic of experiences as an allocator at both endowments and funds that worked on behalf of institutional investors to found Ahoy Capital in 2018, an intentionally right-sized firm focused on working with smaller, emerging VC managers. A pioneering investor in the micro VC movement, Chris has been a mainstay in venture capital for decades. At Ahoy, he discovers and partners with smaller VC funds to help drive returns for his LPs, being seen as a “bird dog in the Valley” for many institutional investors who lack the access, network, and knowledge of the early-stage venture landscape to Chris’s degree. Chris has been embedded in the venture world for years, dating back to the early 2000s. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He initially learned the craft of private markets investing at Princeton’s University endowment, although he earned his BA and MBA from Yale. Chris and I had such a fun discussion about venture and the emerging VC landscape. We discussed: Thanks Chris for coming on the podcast to share your wisdom and lessons learned from decades in venture.